A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit...

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A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is given below. The actuary's discount rate is 5%. At the end of 2019, the pension formula was amended, creating a prior service cost of $200,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) Prior Net Pension (Liability) I Asset Plan Service Net Loss Pension ($ in thousands) PBO Assets Cost - AOCI - AOCI Expense Cash Balance, Jan. 1, 2021 $ (600.0) $ 500.0 $ 190.0 $ 60.0 $ (100.0) Service cost 96.0 Interest cost, 5% (30.0) Expected return on assets (40.0) Adjust for: Loss on assets 12.0 Amortization: Prior service cost Amortization: Net loss Gain on PBO 20.0 Prior service cost Cash funding (80.0) Retiree benefits Balance, Dec. 31, 2021 $ (656.0) $ 180.0 A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is given below. The actuary's discount rate is 5%. At the end of 2019, the pension formula was amended, creating a prior service cost of $200,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) Prior Net Pension (Liability) I Asset Plan Service Net Loss Pension ($ in thousands) PBO Assets Cost - AOCI - AOCI Expense Cash Balance, Jan. 1, 2021 $ (600.0) $ 500.0 $ 190.0 $ 60.0 $ (100.0) Service cost 96.0 Interest cost, 5% (30.0) Expected return on assets (40.0) Adjust for: Loss on assets 12.0 Amortization: Prior service cost Amortization: Net loss Gain on PBO 20.0 Prior service cost Cash funding (80.0) Retiree benefits Balance, Dec. 31, 2021 $ (656.0) $ 180.0

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Answer Prior Net Loss Net Pension Plan Service Gain Pension Liabi... View the full answer